Status Updates From Capital and Interest: A Cri...

hes certainly not menger but he isnt imprudent either--i just wish he would elaborate more on his own conceptions rather than criticizing the conceptions of others.

it seems like fetter and mises had the better capital theories. even menger too if it was undeveloped

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Nebenius found the explanation of the exchange value of the services of capital, among other things, in this, that capitals are only got through more or less painful privations or exertions, and that men can only be induced to undergo these by getting a corresponding advantage.

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Now in opposition to this I maintain : -
1. There is no independent " use of capital," such as is postulated by the Use theorists
2. Even if there were a "use of capital" of such a nature as is assumed by the Use theorists, the actual phenomena of interest would not be satisfactorily explained thereby.

The fundamental idea of the Use theory is the following. Besides the substance of capital, the use (Gebraiich or Nutzung) of capital is an object of independent nature and of inde- pendent value.

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s 154 saknas.

But he forgets to put the simplest question of all-the question on which everything hinges, What power is it that keeps wage of labour and price of product apart in such a way that, no matter what be their absolute level, they leave a space between them which is filled up by profit?

Malthus: The profits of capital consist of the difference between the value of the advances necessary to produce a commodity and the value of the commodity when produced

Between these 2 senses lies a very great distinction, which may be better illustrated by an example. If a corn-field is turned up by a steam plough, it is indisputable that the steam plough is 1 cause of the grain produced, & at the same time is 1 cause of the value of the grain produced. But it is quite as indisputable that the emergence of value on the part of the grain is /not caus/ by saying that the steam plough

Say som författare till produktionsfaktorerna

1. Capital has the capacity of serving towards the pro- duction of goods.
2. Capital has the power of serving towards the production of more goods than could be produced without it.
3. Capital has the power of serving towards the production of more value than could be produced without it.
4. Capital has the power of producing more value than it has in itself.

Jean Baptiste Say

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Malthus

Ricardo